Freedom shares in high demand

FREEDOM Foods shares are at a record high after the food maker upgraded its sales forecast for this financial year.

The company yesterday increased its forecast sales range to between $360 million and $380 million, saying it was benefiting from its investments and growing product demand at home and in offshore markets.

Chief executive Rory Macleod said first-half earnings would improve from the same time last year and profit would accelerate in the second half.

“Freedom Foods has undertaken a significant capital expenditure program in recent years and the benefits of this investment are now evident,” Mr Macleod said at the group’s annual meeting yesterday.

“The expansion of our key operations and our commitment to increase market share in Australia, while building and developing new opportunities overseas, will continue to have a positive impact on the company’s financial position this year and into the future.”

The upbeat outlook triggered a jump in Freedom’s shares.